SERIOUS WARNING
- Most Forex traders lose all their money.
Using the robot posted here in trading Forex does not guarantee success.
Trading this robot could lead to serious financial loss.
Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
To trade this robot, you have to understand:
How to use EA's.
Read the genesis of this robot at http://www.stevehopwoodforex.com/phpBB3 ... p=288#p288
Khalid has summed up the idea beautifully in his 'Luxor_trading conditions' pdf, attahed.
EA inputs
You will find descriptions of many of the inputs in the attached Shell User Guide. I wrote it for issue with bots I code in the future. Where you see inputs described that you do not see in the EA's inputs list, ignore them.
You will see two lot size inputs: one for long and one for short trades. These are here because Khalid requested them.
BufferPips is the number of pips above the cross candle high, or below the low to send the trade. When the bot detects a cross during the relevant trading hour, it draws a green dashed line for a pending buy, or red for a sell. When the line is touched/broken, the bot should send a market order.
Line-based 'pending' trades have the advantage of hiding your activities from the crims. Buys look a little strange unless you also have the Ask showing on your chart, as it looks as though they are being sent at the incorrect price. Luxor bases all trading decisions on the Bid, but buys are taken at the Ask. The attached template shows the Ask line and adds the relevant moving averages.
Always in
Khalid intends that this should be an 'always in' trader that acts only during trading hours, so a some points to note:
- L will not take a trade whilst outside trading hours, regardless of the position of the market relative to the pending trade lines.
L will not close a trade outside of trading hours.
L will only close a trade when it is about to take one in the opposite direction.
The Hanover module allows us to trade in the direction indicated by hanover's Recent Strength indi. I consider this to be the most significant development in my time at FF. Details in the Hanover thread at http://www.forexfactory.com/showthread.php?t=319709 If you use Hanover, I recommend lawgirl's ratio of 1:4 to 1:6 between your trading and higher-direction time frames. For example, if trading the M5 chart, use M30 as your Hanover time frame.
As well as Hanover, there is lots of extra stuff not in the spec - take profit, stop loss, management etc. I have left it all there so I don't have to add it later when contributors ask, "Steve, can we please have................"
In conclusion
Have fun. This is one of Khalid's, so it should be good.
Matters of general interest
Read this post:
http://www.forexfactory.com/showthread. ... ost4923611 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration. There is a thread devoted to Sam's trading method at http://www.forexfactory.com/showthre...25#post5118825
Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179
EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.forexfactory.com/showthread. ... ost4431794, at the bottom of the post.
Useful utilities/EA's/scripts
MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
Multi purpose trade manager: http://www.forexfactory.com/showthread.php?t=89371
Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716 Also at http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... p?f=5&t=15
Most promising trading EA's
jiva: http://www.stevehopwoodforex.com/phpBB3 ... hp?f=5&t=3
